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Ex-Investment Bank Director From Long Island Sentenced For Insider Trading Scheme Ex-Investment Bank Director From Long Island Sentenced For Insider Trading Scheme
Ex-Investment Bank Director From Long Island Sentenced For Insider Trading Scheme A former Wall Street investment banker from Long Island has been sentenced after being convicted of insider trading for a second time after illegally tipping his father off to healthcare industry mergers. North Merrick resident Sean Stewart, 38, a former senior investment banker at two New York-based investment banks was sentenced to 24 months in prison following his conviction after a seven-day trial for illegally providing tips to his father, Robert Stewart, with non-public information. In addition to his prison term, Stewart was sentenced to three years of supervised release. He's due to…

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by Zak Failla
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LI Corporate Insider Convicted Of Conspiring To Pump, Dump Stock On Unsuspecting Investors LI Corporate Insider Convicted Of Conspiring To Pump, Dump Stock On Unsuspecting Investors
LI Corporate Insider Convicted Of Conspiring To Pump, Dump Stock On Unsuspecting Investors A corporate insider was found guilty in Central Islip federal court of conspiring with others at a Long Island boiler room to “pump and dump” stocks on elderly investors. Michael Watts, a former registered broker, was found guilty at a trial of promoting and manipulating the prices of shares in Hydrocarb Energy Corp. and other companies. Watts, 63, who now lives in Texas, was convicted of conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, money laundering conspiracy and money laundering.  The verdict followed a three-week trial before United Stat…

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by Zak Failla
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Financial Advisor Admits To Running $5M Ponzi Scheme, SDNY Says Financial Advisor Admits To Running $5M Ponzi Scheme, SDNY Says
Financial Advisor Admits To Running $5M Ponzi Scheme, Sdny Says A financial adviser from Fairfield County admitted to running a yearlong multi-million dollar Ponzi scheme. Norwalk resident James Booth, 74, who operated Booth Financial Associates, pleaded guilty solicited money from clients, falsely promising to invest the money in opportunities offered outside of their ordinary advisory and brokerage accounts. Booth pleaded guilty to one count of securities fraud. When he is sentenced on Feb. 21 next year, he will face up to 20 years in prison. In total, Booth fraudulently obtained nearly $5 million from his customers. Instead of investing their money,…

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by Zak Failla
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Ex-Wall Street Trader From Long Island Admits To Running $19M Ponzi Scheme Ex-Wall Street Trader From Long Island Admits To Running $19M Ponzi Scheme
Ex-Wall Street Trader From Long Island Admits To Running $19M Ponzi Scheme A former Wall Street trader from Long Island admitted to running a years-long near $20 million Ponzi scheme Manhasset resident Paul Rinfret, 70, pleaded guilty to securities fraud and wire fraud charges in Manhattan federal court for the scheme to defraud investors by selling limited partnership interests in an entity through which he purported to trade in futures contracts relating to the S&P 500 utilizing a bespoke algorithm he had developed. According to United States Attorney for the Southern District of New York Geoffrey Berman, Rinfret boasted of “extremely high returns in his tra…

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by Zak Failla
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Ex-CEO From Long Island Admits Scheme To Defraud Victims In Sale Of Worthless Stock Ex-CEO From Long Island Admits Scheme To Defraud Victims In Sale Of Worthless Stock
Ex-ceo From Long Island Admits Scheme To Defraud Victims In Sale Of Worthless Stock A former CEO from Long Island admitted to his role in a scheme to defraud the elderly victims in the sale of worthless stock. Dix Hills resident Keith Orlean - also known as “Jack Allen” - pleaded guilty in district court to participating in a scheme to target elderly persons to solicit purchases of stock in a series of valueless companies through a variety of lies and misrepresentations. U.S. Attorney Geoffrey Berman said that for several years, Orlean and his co-conspirators operated a fraudulent scheme in which a salesman named “Mike Palmer” would call elderly people and offer them a “ti…

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by Zak Failla
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Ex-Investment Banker From Long Island Convicted For Insider Trading Scheme Ex-Investment Banker From Long Island Convicted For Insider Trading Scheme
Ex-Investment Banker From Long Island Convicted For Insider Trading Scheme A former Wall Street investment banker from Long Island has been convicted of insider trading for a second time after illegally tipping his father off to healthcare industry mergers. North Merrick resident Sean Stewart, 38, a former senior investment banker at two New York-based investment banks was convicted following a seven-day trial for illegally providing tips to his father, Robert Stewart, with non-public information. Stewart was found guilty of providing his father with non-public information concerning five separate corporate acquisitions before they were announced, U.S. Attorney Ge…

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by Zak Failla
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Melville-Based Boiler Room Employees Sentenced For Their Roles In $147M Stock Scheme Melville-Based Boiler Room Employees Sentenced For Their Roles In $147M Stock Scheme
Melville-Based Boiler Room Employees Sentenced For Their Roles In $147M Stock Scheme Employees at a Long Island-based boiler room have been sentenced to time behind bars for their roles in a $147 million stock manipulation scheme. Ronald Hardy, 42, of Port Jefferson, a manager at Power Traders Press, My Street Research and other companies located in Melville, and Dennis Verderosa, 67, of Coram, a cold-caller and account executive at the boiler room, were sentenced to 10 and six years in prison, respectively, for their roles in the scheme. Hardy was also ordered to forfeit the contents of a bank account and two properties he owned in Florida, and Verderosa was ordered to pay…

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by Zak Failla
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Trader From Manhasset Who Boasted Of Huge Investment Returns Charged In $20M Ponzi Scheme Trader From Manhasset Who Boasted Of Huge Investment Returns Charged In $20M Ponzi Scheme
Trader From Manhasset Who Boasted Of Huge Investment Returns Charged In $20M Ponzi Scheme A former Wall Street trader from Long Island allegedly ran a years-long Ponzi scheme to the tune of nearly $20 million. Manhasset resident Paul Rinfret, 70, has been charged with securities fraud and wire fraud charges in Manhattan federal court for the alleged scheme to defraud investors by selling limited partnership interests in an entity through which he purported to trade in futures contracts relating to the S&P 500 utilizing a bespoke algorithm he had developed. According to United States Attorney for the Southern District of New York Geoffrey Berman, Rinfret alleged that he toute…

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Long Island Attorney Admits To Conspiracy To Obstruct Federal Proceeding Long Island Attorney Admits To Conspiracy To Obstruct Federal Proceeding
Long Island Attorney Admits To Conspiracy To Obstruct Federal Proceeding A longtime Long Island attorney admitted to his role in helping a client avoid paying millions of dollars in court-ordered restitution. Lawrence resident Mark Weissman, 55, who has been licensed to practice law in New York since 1989, pleaded guilty in Brooklyn federal court to conspiring to obstruct an official proceeding. U.S. Attorney Richard Donoghue said that Weissman engaged in a scheme to impede the enforcement of another person’s obligation to pay millions of dollars in court-ordered restitution to victims in an unrelated securities fraud case. In 2011 and 2012, two people pleaded …

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by Zak Failla
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Long Island Man Sentenced For Role In $147M Stock Manipulation Scheme Long Island Man Sentenced For Role In $147M Stock Manipulation Scheme
Long Island Man Sentenced For Role In $147M Stock Manipulation Scheme A Long Island man will spend time behind bars for his role in a near $150 million scheme to defraud area companies and elderly investors. Emin Cohen, 35, of Coram, a cold-caller and accountant executive at My Street Research in Melville, was sentenced to two years in prison and ordered to pay $86,168 in forfeiture after pleading guilty to conspiracy to commit securities fraud in connection with a multi-defendant, $147 million scheme to defraud investors in publicly traded companies.  Between January 2014 and July 2017, Cohen and 15 others participated in a “pump and dump” stock fraud s…

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by Zak Failla